v3.26.1
Debt
 6 Months Ended
Jun. 28, 2026
Debt Disclosure [Abstract]  
Debt Debt
Details of the Company’s debt at June 28, 2026 and December 31, 2025 are as follows:
June 28,
2026		December 31, 2025
Commercial paper$116,000 $— 
Syndicated term loan due August 2028498,637 498,320 
4.450% notes due September 2026
499,670 498,749 
2.250% notes due February 2027
299,695 299,443 
4.600% notes due September 2029
596,270 595,694 
3.125% notes due May 2030
597,808 597,528 
2.850% notes due February 2032
497,080 496,824 
5.000% notes due September 2034
691,374 690,857 
5.750% notes due November 2040
536,330 536,314 
Other foreign denominated debt47,328 40,016 
Finance lease obligations53,572 53,542 
Other debt19,452 19,638 
Total debt4,453,216 4,326,925 
Less: Notes payable and current portion of long-term debt(968,752)(537,952)
Long-term debt$3,484,464 $3,788,973 
On March 23, 2026, the Company entered into a credit agreement with the lenders party thereto and Wells Fargo Bank, National Association, as Administrative Agent (the “Term Credit Agreement”) that provides the Company with a delayed draw term loan facility in an aggregate principal amount of up to $300,000 on an unsecured basis (the “Term Loan Facility”). The Term Loan Facility may be drawn, subject to the satisfaction of certain conditions, on or prior to September 13, 2026. Borrowings under the Term Loan Facility, net of any prepayments, will become payable in full on the second anniversary of the Funding Date (as defined in the Term Credit Agreement) and will bear interest at a fluctuating rate per annum equal to, at the Company’s option, (i) the forward-looking Secured Overnight Financing Rate term rate (such borrowings, “Term SOFR Loans”), (ii) a base rate (such borrowings, “Base Rate Loans”), or (iii) a combination thereof, plus, in each case, an applicable margin calculated based on the Company’s credit ratings, ranging from 0.850% to 1.100% per annum for Term SOFR Loans and from 0.000% to 0.100% per annum for Base Rate Loans. As of June 28, 2026, no draws had been made under the Term Loan Facility.
The Company maintains a revolving credit facility with total commitments of $1,250,000 and a maturity date of May 3, 2029. The Company’s $1,250,000 commercial paper program is supported by the revolving credit facility. At June 28, 2026, the Company had $116,000 in commercial paper balances outstanding; accordingly, the committed capacity available for drawdown under its revolving credit facility at June 28, 2026 was $1,134,000.
Certain of the Company’s debt agreements impose restrictions with respect to the maintenance of financial ratios and the disposition of assets. The most restrictive covenants currently require the Company to maintain a minimum level of interest coverage and a minimum level of net worth, as defined in the agreements. As of June 28, 2026, the Company’s interest coverage and net worth were substantially above the minimum levels required under these covenants.